Lecture 3 Flashcards
What are the benefits of Marketing?
- social marketing
- marketing by none profits
- contributions to economic development (micro and macro)
What is Burns (2003) definition of customer sovereignty?
In a well functioning market, consumers who dislike a product will turn to another one, punishing the producer who has not met their needs and rewarding those in tune with their demands
What are the benefits of marketing to customers?
- notion of the customer is one of the chooser
- customer sovereignty
- markets develop based on individual preferences (has roots in political and economic liberalisation)
- buyers and seller benefit society indirectly through economic development
- marketing is a technology so it will meet consumer needs better
- combined activity of customers regulates market
What does Sergy and Lee say about customer sovereignty?
Core to the ethics of transactional marketing in that it guides marketing practice and regulatory intervention
What must marketing do to avoid regulatory intervention?
It must provide good information that informs customer decisions
Does a rising cycle of need satisfaction benefit consumers?
- in poorer countries there is a strong correlation between income and wellbeing
- underconsumption is a serious threat to wellbeing
- in western contexts he relationship between consumption and wellbeing is not so positive because we focus on materialistic needs
- we have a considerable impact on society by supplying goods consumers don’t need
- in western societies we get sold things we don’t need
What are the benefits of marketing to the economic system?
- economic opportunities
- outcomes
- employment
- standards of living
- social conditions
What is Layton’s definition of marketing system?
A network of individuals, groups and entities linked directly or indirectly through participation in economic exchange
What role does marketing play?
- adds tremendous value to products
- crucial in driving innovation
- brings dynamism to society
What are the key criticisms of marketing?
- neglect of common good
- is growth via markets focused on individual preferences sustainable?
Environmental degradation
Unequal access to goods and services
Materialism
Cultural imperialism
What can marketing do in response to its criticisms?
- take a broader stakeholder perspective
- greening of sustainable marketing
- innovative technology and different models of exchange e.g mud jeans
What is Willie and Moore’s 1999 definition of the AGS?
The ags is a sprawling human institution embedded in the daily life of society
What do wills and Moore say about marketing’s contribution?
Diffuse over time
Diffuse through society
Occur within the contexts of everyday life
What do wills and Moore say about the AGS
The AGS in conjunction with other AGS has delivered the most changes to society
Find different AGS in different parts of the world
Coverage of the AGS is culture bound
What are the criticisms of the AGS?
Society losing cohesion Does the current AGS represent the best of all worlds Ruthless people Market slippage Customer slippage
What else do Wilkie and Moore say?
Not all marketing systems are successful, the effort to support dynamism can lead to excesses, failures and unforeseen consequences
Nations with high proportions in marketing have higher GDP’s
Some societies are unwelcoming
What does Kennedy (2016) say?
When the public become cynical about marketer motivations, the climate becomes ripe for regulation
Deviation from the grand focus of authentic customer is troublesome
No 1 ethical requirement should be ethical marketing puts the customer first
Marketers profess that the customer is king but all too often they are treated as a thing
Markets exploit mega trends by greenwashing
Manipulate choice do it doesn’t suit interest e.g cable TV
If prolonged customer- market friction occurs we see Greater scepticism Increased regulation Significant buying restrictions Additional transaction costs
What do sirgy and lee (2008) say?
Marketing can enhance customer well being by providing goods and services that not only enhance quality of life but well being
Traditional marketing overlooks conflicts between short run wants and welfare
What does Adam Smith say
Consumption is the sole end purpose of all production
